Sow Good Inc.

Listed Company

SOWGCIK 0001490161NasdaqNon-AcceleratedSmaller ReportingFood And Kindred ProductsDelawareFY ends Dec 31

Period

FY 2025

Revenue

Net Income

$-40.64M

Total Assets

$3.78M

Equity

$-2.56M

Shares Out

13.33M

Op. Cash Flow

$-4.31M

Business

Sow Good Inc. is a U.S.-based manufacturer that produces freeze-dried candy and snack products using proprietary freeze-drying technology and specialized manufacturing processes. It offers a portfolio of freeze dried candy SKUs and the Sow Good Crunch Cream line of freeze-dried, shelf-stable ice cream bars and sandwiches, and extends its product development into adjacent freeze-dried snacks. Key business components include the Sow Good Candy and Crunch Cream product lines along with in-house manufacturing, packaging, quality control, and product development operations. The company distributes omnichannel primarily through wholesale and brick-and-mortar retail (including major chains), distributors, and a direct-to-consumer website and social media channels.

Summary from filing dated 2025-03-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	0	0	16	428,132	88,440
Salaries and benefits	4	8	2	4	—
Professional services	838,654	2	688,023	245,546	—
Other general and administrative expenses	1	2	1	2	2
Total general and administrative expenses	7	11	4	11	7
Depreciation and amortization	33,101	31,644	104,058	274,053	208,448
Total operating expenses	7	11	4	11	7
Net operating loss	−7	−11	−1	−11	−7
Interest expense	−159,953	−741,204	−2	—	—
Loss on impairment of long lived assets	−57,602	0	—	—	—
Total other expense	−217,555	−741,204	−2	−1	233,769
Loss from continuing operations before income tax	−7	−12	−3	−12	—
Income tax provision	0	0	0	0	—
Net loss from continuing operations	−7	−12	—	—	—
Income (loss) of discontinued operations, net of tax	−34	8	—	—	—
Net loss	−41	−4	−3	−12	−7
Weighted average common shares outstanding - basic	12	9	5	5	4
Weighted average common shares outstanding - diluted	12	9	5	5	4
Continuing loss per common share - basic	−0.58	−1.28	—	—	—
Continuing loss per common share - diluted	−0.58	−1.28	—	—	—
Discontinued income (loss), net of tax per common share - basic	−2.86	0.88	—	—	—
Discontinued income (loss), net of tax per common share - diluted	−2.86	0.88	—	—	—
Net loss per common share - basic	−3.44	−0.4	−0.59	−2.51	−1.61
Net loss per common share - diluted	−3.44	−0.4	−0.59	−2.51	−1.61

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	1	4	2	276,464	3
Other receivables	93,198	0	—	—	—
Inventory, net	22,871	0	4	2	1
Prepaid expenses	90,460	523,442	703,966	137,692	81,057
Current assets of discontinued operations	60,333	21	—	—	—
Total current assets	3	25	10	3	5
Property and equipment, net	21,667	128,900	7	5	3
Security deposit	283,972	300,370	346,616	24,000	10,000
Right-of-use asset	76,971	200,710	4	1	1
Assets of discontinued operation	0	29	—	—	—
Total assets	4	55	21	9	14
Accounts payable	1	1	853,535	392,691	279,337
Accrued interest	96,453	0	860,693	226,575	26,066
Accrued severance	2	0	—	—	—
Accrued expenses	584,186	976,153	648,947	218,368	77,750
Current portion of operating lease liabilities	78,171	125,987	550,941	52,543	45,970
Current liabilities related to discontinued operations	346,861	2	—	—	—
Total current liabilities	6	7	6	890,177	403,057
Operating lease liabilities	0	79,575	4	1	1
Notes payable	150,000	150,000	—	393,915	150,000
Liabilities of discontinued operation	0	15	—	—	—
Total liabilities	6	23	14	6	3
Commitments and contingencies	—	—	—	—	—
Preferred stock, $0.001 par value, 20,000,000 shares authorized, no shares issued and outstanding	1,500	0	0	0	0
Common stock, $0.001 par value, 500,000,000 shares authorized, 12,223,599 and 11,300,624 shares issued and outstanding as of December 31, 2025 and December 31, 2024	12,224	11,300	6,029	4,847	4,809
Additional paid-in capital	101	94	66	58	54
Accumulated deficit	−103	−62	−59	−56	−44
Total stockholders' (deficit) equity	−3	32	7	3	11
Total liabilities and stockholders' equity	4	55	21	9	14

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Bad debts expense	26,895	187,363	0	4,404	0
Depreciation and amortization	33,101	31,644	459,345	299,553	208,448
Non-cash amortization of right-of-use asset and liability	123,721	114,281	68,477	21,594	—
Equity compensation	2	4	—	—	—
Amortization of debt discounts	81,210	500,821	—	—	—
Accounts receivable	128,250	2	−2	−183,044	−12,382
Prepaid expenses	90,460	180,524	−425,472	−56,635	−24,630
Accounts payable	−70,155	514,471	400,929	173,269	−45,778
Accrued interest	96,453	0	634,118	0	—
Accrued expenses	−230,122	327,205	490,494	307,278	−179,209
Net cash (used in) continuing operations	−4	−4	—	—	—
Net cash (used in) by discontinued operations	−22,795	−5	—	—	—
Cash used in operations	−4	−9	−5	−5	−6
Fixed asset additions and disposals, net	0	0	—	—	—
Cash paid for construction in progress	0	0	0	−2	0
Net cash used in investing - continuing operations	0	0	—	—	—
Net cash used in investing - discontinued operations	0	−6	—	—	—
Cash used in investing	0	−6	−2	−3	−653,051
Proceeds from common stock offerings, net offering costs of $0 and $1,110,013, respectively	0	0	6	0	6
Proceeds from preferred stock offering	3	0	—	—	—
Net cash provided by financing activities - continuring operations	3	0	—	—	—
Net cash provided by financing activities - discontinued operations	−943,868	17	—	—	—
Net cash provided by financing activities	2	17	9	5	8
NET INCRASE (DECREASE) IN CASH AND CASH EQUIVALENTS	−2	1	2	−3	1
Interest paid	10,234	667,293	30,017	134,444	4,895
Interest received - discontinued operations	0	43,639	—	—	—
Income taxes paid - discontinued operations	0	130,000	—	—	—
Non-cash exercise of warrants	0	5	0	—	—
Retirement of Notes Payable, related party in non-cash debt exchange	−3	0	—	—	—
Issuance of Convertible Notes Payable, related party, including accrued interest of $64,568 in debt exchange	290,869	0	—	—	—
Repayment of interest	−138,162	98,750	0	—	—
Repayments of borrowings	−239,250	−5	0	—	—
Reclassification of construction in progress to property and equipment	682,469	3	965,208	0	—

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